What a Buyer must be aware of before Signing a contract and for your protecton:
Make sure that you understand what you are signing. If you have any doubts contact us. If you need any special conditions included in the contract, we can provide independently prepared special conditions to suit your requirements to include in the contract.
The Form 1
A contract is signed before or together with a Form 1. A Form 1 is disclosure of information concerning the property by a seller to a buyer. The service of a Form 1 will commence a 48 hours’ “cooling off” period. During this time you may elect to terminate the contract. Termination must be made in writing but no reason need to be given. A “cooling off” period can only end if a true and correct Form 1 is served on you, but for further cooling off information, call us for further advice.
A contract usually passes on the insurance risk to a buyer from the date of the contract. You should insure the property as soon as possible after your offer has been accepted. Your bank will ask a copy of a Certificate of Currency of insurance with its interest noted
before providing settlement funds . Some banks will provide free insurance cover to the settlement date.
Building & Pest inspections
We recommend that a building, pest or other inspections should be carried out and completed as soon as possible. If the contract is not subject to you receiving a satisfactory building and pest inspection by a particular date, this can be attended to during your cooling off period. Call us if you need assistance to arrange a building and pest inspection.
We can arrange for Direct Connect to connect your utilities. Direct Connect is a company approved by Australan Institute of Conveyancers (SA).
Title insurance is fast becoming popular in Australia. It protects land owners against known or unkown title defects that include protection against fraud and forgery, unapproved structures, encroachments, illegal or unapproved building works, boundary and survey problems, any rates and taxes inherited from the vendor.
For your protection, we recommend you take out title insurance because it covers you against risks are not covered by normal household insurance. It is a once off fee and you can settle without worrying about issues such as, illigal or unapproved structures, encroachments and many other benefits. (Stewart Title or First Title)
What we will do
Check your documents and searches;.
Prepare a Memorandum of Transfer. Adjust rates and taxes,
Contact you regularly, Notify you once settlement is booked,
Notify you once settlement has taken place,
Notify government departments of change of ownership,
Provide you with a trust reconciliation statement.